Monday, October 5, 2009

On October 1, 2009, House Representative Paul E. Kanjorski, Chairman of the House Financial Services Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises, released a discussion draft of legislation to regulate private advisers to hedge funds and other private pools of capital. The draft bill, called the "Private Fund Investment Advisers Registration Act of 2009" (the "Bill"), substantially mirrors the fund adviser legislation, introduced by the Obama Administration in July.

However, in contrast to the Obama Administration proposal, the Bill would exempt "venture capital fund" advisers from registration with the SEC under the Investment Advisers Act of 1940. The SEC would then be required to identify and define what constitutes a "venture capital fund" for purposes of the exemption.

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Curtis, Mallet-Prevost, Colt & Mosle LLP is a leading international law firm. Headquartered in New York, Curtis has 16 offices in the United States, Latin America, Europe, the Middle East and Central and East Asia. The firm represents a wide range of clients, including multinational corporations and financial institutions, governments and state-owned companies, money managers, sovereign wealth funds, family owned businesses, individuals and entrepreneurs. Curtis has a worldwide practice that includes corporate law, banking and finance, capital markets, private equity, mergers and acquisitions, project finance and infrastructure development, investment management, restructuring and insolvency, litigation, international arbitration, taxation and real estate. The firm’s international orientation has been a hallmark of its practice for nearly two centuries. For more information about Curtis, please visit http://www.curtis.com/

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